Gold and Silver Bounce on Easing Yields, Lower Oil Prices

Gold and silver prices are up in early U.S. trading Thursday, following a modest pullback in Treasury yields after the Federal Reserve delivered its first rate hike in three years.

The Fed raised the target range for the federal funds rate by 25 basis points to 3.75% to 4.00%, with Chair Kevin Warsh citing still-elevated inflation and resilient domestic demand as reasons for the increase.

While gold's price path remains a headwind, lower oil prices and easing yields have allowed for a short-covering bounce in precious metals.

The Strait of Hormuz remains a key geopolitical risk factor influencing oil prices, with Brent crude falling to about $103.48 a barrel and U.S. crude trading near $100.65.